Money stresses out most people. Women, however, worry about money more than men. In fact, women have lower levels of financial literacy and wellness compared to men, according to a TIAA report. And when factoring in race, too, Black and brown women have even less financial literacy than their white women peers.
Employees are increasingly relying on their employers for financial wellness support and guidance. Learn more how companies with any benefits budget can help boost women’s financial wellness, and ultimately help address the gender gap in financial literacy and wellbeing.
3 ways to boost women’s financial literacy:
1. Help women balance household finances with financial wellness resources
Nearly 90% of women either control household finances or manage household money jointly with a partner, according to a study from GoBankingRates.This includes balancing checkbooks, paying bills on time and other financial responsibilities. Companies can help women shoulder this load, by providing financial wellness resources with tactical support.
For example, budgeting tools are a visual, intuitive way for employees to track their finances. They can help women and their families plan and work toward long-term financial goals, such as buying a home or saving for a luxury vacation.
Another tactical financial wellness tool are loan calculators. When taking out a home or auto loan, loan calculators can help employees compare between loans and estimate their payments. Employees can leverage loan calculators to make better financial decisions for their long and short-term goals.
2. Deliver financial education tailored toward women
Studies have shown that with greater financial literacy comes improved financial wellness. In addition, people with greater financial literacy are better prepared to weather economic uncertainty, according to TIAA’s report.
Rather than offering general financial education, companies have started providing financial events, literature and marketing tailored toward women. For instance, some companies host financial webinars and events on topics that resonate with women, like planning financially for pregnancy or a wedding. Financial resources and educational opportunities can equip women with the tools to boost their financial understanding and wellbeing.
3. Provide 1:1 financial advising and planning
When it comes to financial advice, it’s best to receive personally tailored financial advice. Everyone has different goals, aspirations and financial situations. With one-on-one financial advising, employees can get the personalized care they need.
For instance, where some women may need help planning for a family addition, not all women may want children or to get married. While some women might need help combining their finances with a new spouse, others may be facing a divroce and need help transitioning from a double-income household to a single-income household. Instead of providing cookie cutter advice, one-on-one financial advising takes employees’ personal circumstances into account to devise an individualized gameplan.
Today, companies are well-positioned to help employees boost their financial wellness and address the financial literacy gap between men and women. With financial wellness benefits and intentional marketing, companies can empower and educate the women in their workforce.
Looking for a financial wellness program? Try Best Money Moves!
Best Money Moves is a mobile-first financial wellness solution designed to help dial down employees’ most top-of-mind financial stresses. As an easy-to-use financial well-being solution, Best Money Moves offers comprehensive support toward any money-related goal. With 1:1 money coaching, budgeting tools and other resources, our AI platform is designed to help improve employee financial wellbeing. Our iplatform, with a human-centered design, is fit for employees of any age.
Whether it be retirement planning or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics. We have robust benefits options for employers, regardless of their benefits budget. Our dedicated resources, partner offerings and 700+ article library make Best Money Moves a leading benefit in bettering employee financial wellness.
To learn more about Best Money Moves Financial Wellness Platform, let’s schedule a call. Contact us and we’ll reach out to you soon.